All articles tagged with #import decline
U.S.-Russia trade has plummeted from $53 billion in 2021 to $5.5 billion in 2023 due to sanctions following Russia's invasion of Ukraine, with a significant drop in imports, especially oil, fertilizers, and chemicals.
The US trade deficit significantly narrowed in April due to a sharp decline in imports amid escalated tariffs by President Trump, though the policy's future remains uncertain and economic outlooks are mixed, with some indicators showing resilience despite consumer sentiment souring.
U.S. goods imports from China have dropped by 25% in the first half of 2023, as American companies seek to diversify their supply chains and reduce risk amid escalating tensions between the two countries. The decline reflects new trade restrictions imposed by the Biden administration and Congress, ranging from export restrictions on high-tech items to scrutiny of Chinese-made clothing imports due to human rights concerns. The data shows a broad-based import drop across various categories, with other countries such as Vietnam, Taiwan, India, and Mexico increasing their exports to the U.S. while China's sales decline. However, some companies in the electronics sector have struggled to replace supply chains built in China over several decades.